This Bonus Season Is a Dud for London Bankers
- 61% of Deutsche Bank staff complain after CEO slashed pay
- U.S. firms still pay more than U.K. and European peers
Less than a quarter of London’s investment bankers were pleased with their 2016 bonuses, with staff at Deutsche Bank AG the most disgruntled after Chief Executive Officer John Cryan slashed discretionary compensation for many top traders and advisers. By a small margin, those at JPMorgan Chase & Co. were happiest.
Some 61 percent of the German bank’s employees were dissatisfied with their bonuses, followed by 52 percent at Credit Suisse Group AG and 50 percent at BNP Paribas SA, salary benchmarking company Emolument.com said in a statement, citing a survey of 1,640 people at 18 banks. At the other end of the scale, 30 percent of JPMorgan front-office workers were dissatisfied with their variable pay, and 28 percent admitted to being pleased.